Sen. Johnson Backs Wall Street Reform Bill

July 6, 2010, 6:05 PM

SIOUX FALLS, SD -
South Dakota Senator Tim Johnson's backing the latest Wall Street reform bill, which he says is designed to stop a financial meltdown like the country experienced two years ago. He's part of the Banking Committee and helped write a compromise bill, which he says also protects people right here in KELOLAND.

The U.S. Senate is expected to vote next week on the Wall Street reform bill. Johnson says it's good news for downtown shoppers in South Dakota.

"It will provide consumers with better protections governing the products they use as well as better information about those products," Johnson said.

Johnson says the bill will help people get clear, accurate information to shop for mortgages, credit cards and other financial products without hurting the credit card industry in South Dakota.

“There are no changes to the employment picture in Sioux Falls relative to this bill," Johnson said.

Johnson says the bill will protect our economy in the long run by ending financial bailouts and creating a safe way to liquidate failed financial firms. It would create an advance warning system to identify financial risks that threaten the U.S. economy and provide transparency for exotic financial instruments like the factors that played a role in the 2008 meltdown.

Senator Johnson says it's a win-win for South Dakota consumers.

“It protects average people and it save us from bailouts ever again," Johnson said.

Senator John Thune doesn't believe that to be the case. He says this version of the bill "...fails to end the 'too big to fail' mentality and does nothing to address the ongoing government ownership of Fannie Mae and Freddie Mac, which leaves American taxpayers on the hook."